Market Research Report
Construction in Finland - Key Trends and Opportunities to 2023
|Published by||GlobalData||Product code||270377|
|Published||Content info||47 Pages
Delivery time: 1-2 business days
|Construction in Finland - Key Trends and Opportunities to 2023|
|Published: August 20, 2019||Content info: 47 Pages||
Finland's construction industry expanded by 4.1% in real terms in 2018, with the industry's output value - measured at constant 2017 US dollar exchange rates - increasing from US$39.6 billion in 2017 to US$41.2 billion in 2018. This was preceded by an average annual growth of 3.3% during the preceding four years. Growth during the review period (2014-2018) was driven by positive developments in regional economic conditions and government investment in energy, residential and institutional construction projects.
Over the remaining part of the forecast period (2019-2023), the industry's output is expected to be supported by the government's efforts to revitalize the economy, as well as subsequent improvements in investor and consumer confidence, coupled with the government's investment on the maintenance of transport infrastructure and renewable energy infrastructure. With an aim to increase regional connectivity, in 2018 the government announced plans to build the Arctic railway in collaboration with the Government of Norway.
The industry's output value in real terms is expected to post a compound annual growth rate (CAGR) of 1.0% over the forecast period. The industry is consequently expected to rise marginally, from a value of US$41.2 billion in 2018 to US$43.3 billion in 2023, measured at constant 2017 US dollar exchange rates.
Accounting for 35.5% of the industry's total value in 2018, residential construction was the largest market in the Finnish construction industry during the review period. Commercial construction accounted for 25% of the industry's total output in 2018, followed by infrastructure construction with 14.7%, energy and utilities construction with 10.7%, institutional construction with 7.2% and industrial construction with 7%.
The total construction project pipeline in Finland including all mega projects with a value above US$25 million - stands at EUR120.9 billion (US$142.5 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early stage projects, with 61.5% of the pipeline value being in projects in the pre-planning and planning stages as of August 2019.
The report "Construction in Finland - Key Trends and Opportunities to 2023" provides detailed market analysis, information and insights into the Finnish construction industry, including -